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Allianz Real Estate forms a new joint venture with VGP, a pan-European player in the high-quality logistics and semi-industrial real estate space
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MIL-OSI: VGP NV: Allianz and VGP expand relationship with new European logistics joint venture
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British Land agrees £401 million of West End offices sales 7:31 am
British Land Company plc (LON:BLND) has announced it has exchanged upon the sale of a 75% interest in a portfolio of three buildings in the West End to Allianz Real Estate, acting on behalf of several Allianz Group companies, for £401m. The transaction represents a blended net initial yield of 4.32%, a premium to September book value and is expected to complete in January.
This transaction demonstrates our commitment to recycle capital out of assets not aligned to our core focus on mixed use London campuses, providing greater flexibility to invest in developments, including Norton Folgate, which we committed to in November and Canada Water, where we have planning permission for our 53 acre masterplan.
Property developer British Land agrees £401m sale of West End offices
British Land has agreed the £401m sale of West End offices.
British Land has agreed the £401m sale of a 75 per cent stake in three buildings in the West End to Allianz Real Estate.
The portfolio includes three buildings; 10 Portman Square, Marble Arch House and York House, all of which are in Marylebone.
As a result of the sale British Land will form a new joint venture with Allianz, with British Land’s interest at 25% and Allianz’s at 75%. British Land will continue to manage all three buildings and will receive an asset management fee.
Commercial property giant British Land has sold a three-quarters stake in three London West End buildings to asset manager Allianz Real Estate for just over £400million.
It also agreed to form a joint venture where the FTSE 100 firm will continue to manage the buildings based in Marylebone - and collect an asset management fee, though it will only control a quarter of the new partnership.
The three premises are primarily office space and have a combined 310,000 square feet between them and were valued at more than £500million in late September.
British Land runs the West London office and retail development Ealing Broadway
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